You know Bask Bank (which used to be known as BankDirect) as a bank to earn American Airlines AAdvantage miles.
They are now entering the high yield savings market with a new product called the Bask Interest Savings Account, available (for now) only to existing Bask Bank Mileage Savings Account holders.
The initial APY will be 0.6%, which makes it highly competitive.
It beats the Marcus by Goldman Sachs “base rate” of 0.5% as of the time of this article, however, I’ve also shared in the past that you can get 0.6% at Marcus with your AARP membership (at any age). And last week, I shared that you can actually get 1.00% APY at Marcus for three months via referral.
One nice thing about the competitive rate at Bask is that you can easily move money back and forth between your mileage account and your cash savings account, letting you adjust both to current travel goals and current interest rates (which one expects will start to rise sooner rather than later at this point).
With a new Citi® / AAdvantage® Platinum Select® World Elite MasterCard you'll get 50,000 AAdvantage® miles when you spend $2,500 in your first 3 months. AAdvantage miles are great for booking partner awards on Oneworld airlines like British Airways and Qatar's QSuites. | How to apply for this offer.
Thoughts?
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Hi Dave, thanks for the Bask Bank piece. Saw a line from their disclosure document that I don’t quite understand:
Effect of Closing an Account – If the Account is closed before or on the last day of a statement cycle, accrued interest for that period will not be paid.
Does this mean if I were to close my savings account today that there would be no interest credited for July ? Much thanks, Andrew
I’m not sure if a statement cycle corresponds to a calendar month (likely not) but it means that if your statement closes on July 5th, you’d want to wait to close it until July 6th to avoid losing any interest. If you cancelled June 20th, for example, then you would lose a half month’s accrued interest.